India's negotiations with the European Union for a Broad based Trade and Investment Agreement (BTIA) were “on track,” according to the Commerce and Industry Minister, Mr Anand Sharma.

During a bilateral meeting here on Monday with Lord Stephen Green, the UK Minister of State for Trade and Investment, Mr Sharma expressed satisfaction over the BTIA talks and noted that 12 rounds having been completed till January 2011, an official statement said.

Mr Sharma had said in December that the BTIA talks would be concluded by “Spring 2011”. Commerce Ministry officials had then said the BTIA will be inked by 2011 and will be operational by 2012.

Mr Sharma said on Monday, “India is one of the most promising destinations for Foreign Direct Investment,” and hoped that free movement of professionals and service providers will help in deepening the bilateral economic relationship.

Exports rise

Expressing optimism over the growing trade and investment between India and the UK, he said India's exports to the UK during April-September 2010 registered a 10.88 per cent growth over the same period last year.

India-UK trade had fallen by 14.7 per cent to $10.7 billion in 2009-10, official data showed. Of this, India's exports to UK fell by 6.44 per cent to $6.22 billion, while UK's exports to India fell by 24 per cent to $4.46 billion.

Both the Ministers lauded efforts of India-UK CEOs Forum.

The CEOs Forum – with ten members on each side and led by the industrialist Mr Ratan Tata – makes recommendations to the two Governments on ways to increase bilateral trade and investment.

UK is the fourth largest investor in India with FDI from that country totalling $6.4 billion during April 2000 to December 2010.

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